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020 A000002 GOLDMAN, SACHS & CO.
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020 A000003 FIRST CHICAGO CAPITAL MARKET
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020 A000004 FIRST BOSTON CORP. (THE)
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<PAGE> PAGE 2
020 A000009 MORGAN KEEGAN & CO., INC.
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
Oppenheimer U.S. Government Trust
Shareholder Meeting (Unaudited)
<TABLE>
<S> <C>
On May 25, 1995, a special shareholder meeting was held at which the twelve Trustees
identified below were elected, the selection of KPMG Peat Marwick LLP as the independent
certified public accountants and auditors of the Trust for the fiscal year beginning July
1, 1994 was ratified (Proposal No. 1), the proposed changes in the Fund's investment
policies were approved (Proposal No. 2), the proposed investment advisory agreement was
approved (Proposal No. 3), as described in the Trust's proxy statement for that meeting.
That meeting was adjourned until May 31, 1995, with respect to a proposal voted on only
by Class C shareholders, at which time the Fund's amended Class C 12b-1 Distribution and
Service Plan was approved by Class C shareholders (Proposal No. 4), as described in the
Trust's proxy statement for that meeting. The following is a report of the votes cast:
</TABLE>
<TABLE>
<CAPTION>
Nominee/
Proposal For Against Abstain Non-Votes Total
<S> <C> <C> <C> <C> <C>
Trustees
Leon Levy 16,973,280.862 614,808.471 17,588,089.333
Leo Cherne 16,908,564.560 679,524.773 17,588,089.333
Robert G. Galli 17,010,437.287 577,652.046 17,588,089.333
Benjamin Lipstein 16,957,423.234 630,666.099 17,588,089.333
Elizabeth B. Moynihan 16,978,536.882 609,552.451 17,588,089.333
Kenneth A. Randall 17,003,838.944 584,250.389 17,588,089.333
Edward V. Regan 17,035,109.467 552,979.866 17,588,089.333
Russell S. Reynolds, Jr. 17,021,001.092 567,088.241 17,588,089.333
Sidney M. Robbins 16,939,642.358 648,446.975 17,588,089.333
Donald W. Spiro 16,982,499.151 605,590.182 17,588,089.333
Pauline Trigere 16,918,168.305 669,921.028 17,588,089.333
Clayton K. Yeutter 16,978,956.887 609,132.446 17,588,089.333
Proposal No. 1 16,815,630.021 119,338.528 348,344.783 304,776.001 17,588,089.333
Proposal No. 2 15,376,316.829 1,264,888.201 642,108.302 304,776.001 17,588,089.333
Proposal No. 3 16,377,849.880 232,204.595 673,258.857 304,776.001 17,588,089.333
Proposal No. 4 409,139.482 9,643.677 12,935.983 3,399.000 435,118.142
</TABLE>
Oppenheimer U.S. Government Trust
Independent Auditors' Report
The Board of Trustees and Shareholders of
Oppenheimer U.S. Government Trust:
<TABLE>
<S> <C>
We have audited the accompanying statements of investments and assets and
liabilities of Oppenheimer U.S. Government Trust as of June 30, 1995, and the
related statement of operations for the year then ended, the statements of
changes in net assets for each of the years in the two-year period then ended and
the financial highlights for each of the years in the ten-year period then ended.
These financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial highlights are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements and
financial highlights. Our procedures included confirmation of securities owned
as of June 30, 1995, by correspondence with the custodian and brokers; and where
confirmations were not received from brokers, we performed other auditing
procedures. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Oppenheimer U.S. Government Trust as of June 30, 1995, the results of its
operations for the year then ended, the changes in its net assets for each of the
years in the two-year period then ended, and the financial highlights for each
of the years in the ten-year period then ended, in conformity with generally
accepted accounting principles.
</TABLE>
KPMG Peat Marwick LLP
Denver, Colorado
July 24, 1995
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 397253863
<INVESTMENTS-AT-VALUE> 406327134
<RECEIVABLES> 3928627
<ASSETS-OTHER> 26571
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 410282332
<PAYABLE-FOR-SECURITIES> 84306946
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2349861
<TOTAL-LIABILITIES> 86656807
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 333516056
<SHARES-COMMON-STOCK> 32870814
<SHARES-COMMON-PRIOR> 33684502
<ACCUMULATED-NII-CURRENT> 87075
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (19050877)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9073271
<NET-ASSETS> 312606704
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26384907
<OTHER-INCOME> 0
<EXPENSES-NET> 3479706
<NET-INVESTMENT-INCOME> 22905201
<REALIZED-GAINS-CURRENT> 2180093
<APPREC-INCREASE-CURRENT> 8115444
<NET-CHANGE-FROM-OPS> 33200738
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 22498787
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7076177
<NUMBER-OF-SHARES-REDEEMED> 9758134
<SHARES-REINVESTED> 1868269
<NET-CHANGE-IN-ASSETS> 9338080
<ACCUMULATED-NII-PRIOR> 149269
<ACCUMULATED-GAINS-PRIOR> (21297221)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1980189
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3479706
<AVERAGE-NET-ASSETS> 307306000
<PER-SHARE-NAV-BEGIN> 9.20
<PER-SHARE-NII> .68
<PER-SHARE-GAIN-APPREC> .31
<PER-SHARE-DIVIDEND> .68
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.51
<EXPENSE-RATIO> 1.09
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 1159733
<SHARES-COMMON-PRIOR> 463512
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 11018821
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 416947
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1086358
<NUMBER-OF-SHARES-REDEEMED> 425453
<SHARES-REINVESTED> 35316
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 00
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 6503000
<PER-SHARE-NAV-BEGIN> 9.19
<PER-SHARE-NII> .61
<PER-SHARE-GAIN-APPREC> .30
<PER-SHARE-DIVIDEND> .60
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.50
<EXPENSE-RATIO> 1.89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Oppenheimer U.S. Government Trust
<TABLE>
<S> <C>
Classification of Distributions to Shareholders. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax purposes
primarily because of paydown gains and losses. The character of the
distributions made during the year from net investment income or net realized
gains may differ from their ultimate characterization for federal income tax
purposes. Also, due to timing of dividend distributions, the fiscal year in
which amounts are distributed may differ from the year that the income or
realized gain (loss) was recorded by the Fund. Effective July 1, 1993, the Fund
adopted Statement of Position 93-2: Determination, Disclosure, and Financial
Statement Presentation of Income, Capital Gain, and Return of Capital
Distributions by Investment Companies. As a result, the Fund changed the
classification of distributions to shareholders to better disclose the
differences between financial statement amounts and distributions determined in
accordance with income tax regulations. Accordingly, during the year ended June
30, 1995, amounts have been reclassified to reflect an increase in accumulated
net realized gain on investments of $455,066, a decrease in undistributed net
investment income of $440,476, and a decrease in paid-in capital of $14,590.
</TABLE>
4. Management Fees and Other Transactions With Affiliates
<TABLE>
<S> <C>
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund which provides for a fee of .65% of the first
$200 million of average annual net assets of the Fund, .60% of the next $100
million, .57% of the next $100 million, .55% of the next $400 million and .50%
of net assets in excess of $800 million. The Manager voluntarily reduced the
management fees to the current levels. Prior to January 3, 1995, management fees
were as follows: .75% of the first $200 million of average annual net assets,
.70% of the next $200 million, .65% of the next $400 million and .60% of net
assets in excess of $800 million. The Manager has agreed to reimburse the Fund
if aggregate expenses (with specified exceptions) exceed the most stringent state
regulatory limit on Fund expenses.
</TABLE>
